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Keating and Sons, a CPA firm, established the following standard labor cost data for completing what the firm referred to as a Class 2 tax return. Keating expected each Class 2 return to require 3.0 hours of labor at a cost of $37 per hour. The firm actually completed 600 returns. Actual labor hours averaged 2.7 hours per return and actual labor cost amounted to $45 per hour.
Required:
a. Determine the total labor variance AND indicate the effect of the variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
b. Determine the total labor price variance AND indicate the effect of the variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
c. Determine the total labor usage variance AND indicate the effect of the variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
Analyze your comparator company and explain and evaluate similar adjustments, if any exist. Complete the grid in Exhibit 2 of the solution template for each item.
Layne Co. has a machine that cost $515,000 on March 20, 2011. This old machine had an estimated life of ten years and a salvage value of $34,000. On December 23, 2015, the old machine is exchanged for a new machine with a fair value of $324,000. Show..
The inventory at June 1 and costs charged to work in process-Department 60 during june are as follows: Determine the following, presenting your computations (prepare your computations using unit cost data to four decimal places, I.e $4.4444, to minim..
What are the organisational ethical leadership problems that resulted in columbia/HCA's mis conduct and what other suggestion could columbia/HCA have implied to sensitize its employees to ethical issues
At the end of August, both the Vault Bank and Take Off Airlines campaigns were completed. The costs of completed campaigns are debited to the cost of services account. Required: Journalize the four summary entries on August 31 to record each of the f..
Prepare the statement of financial position, statement of profit or loss and other comprehensive income and statement of changes in equity of Amanah Ltd for the year ended 31 December 2013 in accordance with the requirements of AASB101.
Explain the meaning of each of the Johnson Company ratios above. State which company performed better for each ratio. Calculate the overall overstatement or understatement of net income if the above adjusting entries were not made.
Evaluate subsequent income and expenses
What is its daily transfer payment to the other business unit? (Quality) Consider the following potential quality problems: Wine that is served in a restaurant sometimes is served too warm, while at other times it is served too cold.
Explain how a study using capital markets research methodology can be designed to determine whether the movement in the share prices of QBE and NAB was linked to the respective news announcements?
Unearned Revenue had a balance of $1,120 at the end of November and $890 at the end of December. Service Revenue was $4,600 for the month of December. How much cash was received for services provided during December?
Define activity-based costing. Explain why this approach to cost assignments is superior to the traditional method of using a plant wide overhead cost rate. Will activity-based costing always result in lower product costs? Justify your answer.
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